Economic growth likely to reach 6.4 percent

Illustrative image (Source: VNA)

Vietnam’s economic growth in 2015 is forecast to reach 6.4 percent, according to the Ministry of Planning and Investment.

The country’s macro-economy is still under control despite negative impacts from regional and global economic downturns, Minister of Planning and Investment Bui Quang Vinh said, citing recent signals of national economic recovery.

In the first eight months of this year, the country’s industrial production index and goods export turnover increased by 9.9 percent and 9.5 percent, respectively, from those in the same period last year.

Meanwhile, total retail sales of consumer goods and services in the period were estimated to rise 10.1 percent year-on-year, yielding positive signs in purchasing power and total demand, which will create a momentum to foster production and business activities and promote economic growth.

In August this year, as many as 9,301 enterprises were established nationwide with total registered capital of 55.2 trillion VND (nearly 2.5 billion USD), representing increases of 41 percent and 41.9 percent, respectively, over the figure recorded in July.

However, agriculture and aquaculture are facing challenges due to unfavourable weather, low output and prompt reduction in export turnovers and prices.

Vietnam’s economy is predicted to face challenges due to plunging oil prices in the world market and complicated global financial market developments after China’s devaluation of its yuan.-VNA